PPF Account Opening Banks Last Updated : 17 Sep 2019

A number of banks in India offer the facility of opening PPF accounts. The State Bank of India and its state branches, ICICI Bank, Bank of Baroda, IDBI Bank, UBI, Union Bank of India, Canara Bank, Axis Bank, and Indian Bank are a few to name.

Public provident fund can be opened with a minimum of Rs.500 and a maximum of Rs.1,50,000 in a financial year. The deposits can be made in a lump sum on in 12 instalments. Its maturity period is 15 years but on within one year of its maturity the maturity period can be extended for further 5 years. Premature closure is not allowed before 15 years. The deposits made in PPF account can be deducted under Section 80C of the Income Tax Act, 1961. The interest earned is tax free. Withdrawals are allowed every year from the 7th financial year from the date of opening the account. Loan can facility is available from the 3rd year from the date of opening the account. You can open the PPF account in the Post office and in the following banks:

  • State Bank of India
  • State Bank of Patiala
  • State Bank of Bikaner & Jaipur
  • State Bank of Travancore
  • State Bank of Hyderabad
  • State Bank of Mysore
  • ICICI Bank
  • Bank of Baroda
  • Central Bank of India
  • Bank of India
  • Union Bank of India
  • IDBI Bank
  • Vijaya Bank
  • Allahabad Bank
  • Oriental Bank of Commerce
  • Bank of Maharashtra
  • Canara Bank
  • Corporation Bank
  • Dena Bank
  • Indian Bank
  • Indian Overseas Bank
  • Punjab National Bank
  • United Bank of India
  • Axis Bank

Keep in mind that not all the branches of these banks are authorised to open PPF account and hence check with the bank before you open or transfer the account.

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